Economic agreement

Newton County took another step closer to finalizing a multi million dollar economic project with Select Milk Producers and its affiliates (Fair Oaks Farms).

Several months ago, it was announced that the Newton County Commissioners and the Newton County Council approved an agreement with Select Milk Producers and its affiliates (Fair Oaks Farms) that calls for the county to do $23 million worth of infrastructure upgrades, while Select will build a major cheese manufacturing plant, a hotel and additional attractions at the Fair Oaks Farms Campus.

At a joint meeting between the council, the commissioners and the redevelopment commission May 16, those boards approved the bond ordinance to sell $15 million worth of bonds to pay for those upgrades. These bonds will be backed by the net revenues of the utilities (sewer and water) and will be backed by landfill tipping fees.

In accordance to the ordinance all three boards also approved their president to sign off on the final economic development incentive agreement once the final figures from Select are approved. 

Read the full story in the print edition or by subscribing online to the e-edition.